Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Created video as a way to connect business managers with another farm family. Same family featured throughout Guide worksheets. Copy of Cedar Summit Farm business plan included in Guide.
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions What recommendations do you have for producers developing a business plan? How can ag professionals better help a producer develop a business plan?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions What are the major challenges to developing a business plan? Any thoughts on how business managers can better address these challenges? How can ag professionals help a business manager with these challenges?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions How much should the ag professional help the business manager write the plan? How can producers interact to help each other develop a business plan - for example in workshops?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions How can a team be useful in developing a business plan? Any other thoughts or questions?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Video addresses: Why the Minars wrote a business plan What it was like to write their plan Challenges they encountered Advice to others writing a business plan Benefits of writing a business plan
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Reason for writing a plan: Explore feasibility of idea for on-farm processing Have something to show lender
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video What was it like to write a plan? Time consuming: took “many, many months” Continuous; on-going
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Dave and Florence experienced many challenges when writing their business plan. Biggest challenge was “getting started.”
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Why was getting started so difficult? Lack of resources Didn’t understand industry jargon Hadn’t seen a business plan Process seemed intimidating
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Research took time: Polled potential buyers for two years Spent several months meeting with other on- farm processors Worked the line at one processing plant
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Advice to others: Don’t let anyone else write your plan Create an advisory board Involve family
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video More advice to others: Find a mentor Research markets Use your plan
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Looking back, Dave and Florence Minar say the benefits of business planning include: Chance to clarify values Forced to explore ideas on paper first Learn to clearly communicate ideas Have a reference for future decision making “Later will turn out better”
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Video and example plans help de-mystify the business planning process and show managers that it can be done!